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Author: Mrs. Anjum Shahnawaz

  • Karachi Port confirms sinking of sugar cargo container

    Karachi Port confirms sinking of sugar cargo container

    KARACHI: Karachi Port Trust (KPT) has confirmed the sinking of a container laden with sugar through a statement released few moments ago.

    It is stated: “Truck loaded with sugar cargo while leaving berth number 5, East Wharf, after issuance of bilty encountered mechanical failure at around 5:20 pm today [Saturday], dated: 31.07.2021, fell in port channel.

    “Driver is safe and no casualty / injury reported. Efforts are underway to recover the truck. The incident is under investigation.”

    According to the sources, the container fell into the sea while handling by a trawler at berth No. 5 West Wharf of Karachi Port, sources said.

    It is believed that the container, which fell into the sea, had carried around 39 metric tons of sugar about 780 bags of 50 kilograms. The sugar was imported by the Trading Corporation of Pakistan (TCP) to provide the commodity at affordable prices in the country .

    The sources said that the breaks of the trawler suddenly failed and lost control. However, driver of the trawler was safe in the incident.

    The monetary loss due to the incident was not ascertained at the time of filing this report but sources said that a ship MV Unity brought 33,000 metric tons of sugar from Dubai on July 27, 2021.

    It was second incident within the jurisdiction of Karachi Port in ten days.

    During Eid holidays a cargo ship was stuck up at sea view Karachi. This ship has not been rescued so far.

  • Around 65,000 industry workers vaccinated: KATI

    Around 65,000 industry workers vaccinated: KATI

    KARACHI: Around 65,000 industry workers have been vaccinated with the help of Sindh government, said Saleem-uz-Zaman, President, Korangi Association of Trade and Industry (KATI).

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  • Expenses on employee training allowed tax adjustment

    Expenses on employee training allowed tax adjustment

    In a move to incentivize investment in employee development and welfare, Section 27 of the Income Tax Ordinance, 2001 allows for the adjustment of expenses incurred on employee training and facilities.

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  • FPCCI urges reconsidering COVID lockdown decision

    FPCCI urges reconsidering COVID lockdown decision

    KARACHI: The apex trade body of the country on Friday urged the Sindh government to review its lockdown decision.

    The Sindh government announced a strict lockdown in the province to prevent the spread of coronavirus.

    Mian Nasser Hyatt Maggo, President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) appealed the Sindh government to reconsider lockdown decision.

    The apex trade body said the decision would result in major losses to the industry.

    He added that all industries should be allowed to operate seven days a week and continue their production – unabatedly. 

    Mian Nasser Hyatt Maggo also stressed that the restaurants should be allowed to continue 24 hours takeaway and delivery services.

    He also suggested that in order to facilitate common man, all grocery stores in the province should be allowed to operate seven days a week till 8 pm.

    Mian Nasser Hyatt Maggo maintained that Pakistan’s economic hub Karachi should not be completely locked down in the larger national interest.

    He recommended that the only solution out of the current situation – without causing any harm to businesses and employment opportunities –is to allow business and economic activities under strict compliance of SOPs and mandatory vaccination of the workforce.

    Mian Nasser Hyatt Maggo said that if industries and businesses remain under restrictions, we will not be able to pay salaries. He added that FPCCI is ever-ready to fully support the Government of Sindh in order to create a thriving economic environment in the province. 

    FPCCI hopes that its concerted appeal to the Government of Sindh will result in reconsideration of the strict decisions taken and will result in a more compliant environment in the province vis-à-vis COVID control –and, yet protect the economic and employment opportunities through taking all stakeholders onboard.

  • Stocks tumble on enforcement of COVID lockdown

    Stocks tumble on enforcement of COVID lockdown

    KARACHI: The stock exchange ended down by 257 points on Friday after the Sindh government to impose strict lockdown to prevent spread of coronavirus.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,056 points as against previous day’s close of 47,312 points, showing a decline of 257 points.

    Analysts at Arif Habib Limited said that with the optimism of deferring the COVID lockdown, the market added 330 points earlier in the session today, however, government’s decision to impose strict lock down in the face of rising COVID cases eroded all the earlier gains and caused the Index to tumble.

    Banks, O&GMCs, Cement, Chemical, Refinery and Technology sectors bore the brunt of lockdown, whereas steel sector performed well due to announcement of price increase by flat steel manufacturers.

    Among scrips, WTL led the table with 39.2 million shares, followed by BYCO (38.4 million) and TELE (24.6 million).

    Sectors contributing to the performance include Technology (-54 points), Fertilizer (-45 points), Cement (-35 points), Banks (-27 points) and Textile (-17 points).

    Volumes increased from 376.4 million shares to 399.1 million (6 per cent DoD). Average traded value also increased by 12 per cent to reach US$ 84.8 million as against US$ 75.7 million.

    Stocks that contributed significantly to the volumes include WTL, BYCO, TELE, HUMNL and TPL, which formed 34 per cent of total volumes.

    Stocks that contributed positively to the index include EFERT (+12 points), MEBL (+11 points), PSX (+10 points), HMB (+9 points) and SCBPL (+8 points). Stocks that contributed negatively include TRG (-47 points), FFC (-44 points), HBL (-39 points), LUCK (-23 points) and PPL (-17 points).

  • Rupee depreciates by 54 paisas against dollar

    Rupee depreciates by 54 paisas against dollar

    KARACHI: The Pak Rupee ended down by 54 paisas against the dollar on Friday owing to higher demand of the foreign currency for advance import payments.

    The rupee ended Rs162.43 to the dollar from previous day’s closing of Rs161.89 in the interbank foreign exchange market.

    Currency experts said that the market witnessed higher demand of the dollar for import payments ahead of weekly holidays.

    The currency experts said that the rupee was depreciating due to higher import payments because of better economic growth.

    However, they said that the lockdown would discourage the demand of dollar for import payments.

  • FBR not to extend last date for filing tax return

    FBR not to extend last date for filing tax return

    Federal Board of Revenue (FBR) will not extend the last date for filing income tax returns, this was stated by Sardar Ali Khawaja, Chief Commissioner Inland Revenue at the Regional Tax Office (RTO) in Peshawar.

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  • Sindh to set up new industrial zone in Karachi

    Sindh to set up new industrial zone in Karachi

    KARACHI: The Sindh government has expedited work on a proposal to set up a new industrial zone “NKATI 2” like North Karachi Industrial Area.

    For this purpose a site is being sought and in consultation with the North Karachi Association of Trade & Industry (NKATI). It will be finalized later.

    This was stated by Minister Information & Local Government Sindh, Syed Nasir Hussain Shah during a meeting with a delegation led by Faisal Moiz Khan, President NKATI, SVP Shabir Ismail and Syed Yasir Hussain, Chairman Sub-Committee Local Bodies at his residence.

    Syed Nasir Hussain Shah further said that promotion of trade & industry is the top priority of Sindh government and PPP chairman Bilawal Bhutto has also the same vision.

    Therefore, all resources will be utilized to create vast employment opportunities and promote industrialization. He also directed the MD Water Board to ensure uninterrupted supply of water to the industries.

    The Provincial Minister also assured the Sindh Building Control Authority to regularize the factories located in North Karachi Industrial Area and solve the issues related to District Municipal Corporation. He further said that Capt. A Moiz Khan Road would also be inaugurated and a notification would be issued soon.

    In a meeting with the Provincial Minister, Faisal Moiz Khan, President NKATI, apprised the industrialists of the problems faced by them, and said that production activities were being severely affected due to non-supply of water to North Karachi industries. However, the issues related to DMC are also increasing day by day which needs immediate attention.

    “The Sindh government should set up a new industrial zone like North Karachi Industrial Zone to promote industries so that more and more new industries could be set up and vast employment opportunities could be created”, he suggested. Faisal Moiz Khan also requested the provincial minister to regularize the factories from Sindh Building Control Authority.

    Expressing satisfaction over the assurance of the provincial minister to resolve the issues under discussion at the meeting, NKATI president said that industrialists would extend all possible cooperation with Sindh government to increase production activities and promote industries.

  • Stock market ends stable after early day losses

    Stock market ends stable after early day losses

    KARACHI: The Pakistan Stock Exchange (PSX) on Thursday witnessed selling and lost around 363 points. But it recovered by end of the day.

    The benchmark KSE-100 index closed at 47,312 points as against previous day’s close of 47,318 points, showing a decline of 6 points.

    Analysts at Arif Habib Limited said that the market lost another 363 points during the session today, however, covered a lot of ground and ended the session -6 points.

    Banks, E&P, Cement, Power and Technology sectors saw selling pressure on the concern of lockdown as well as rollover positions, whereby investors preferred selling in ready market and bought futures.

    LUCK saw abrupt movement where the stock price remained depressed the entire session, moved up in the half closing hour and saw a major sell-off in the closing minute to end at the lowest price of the session.

    Among scrips, WTL led the volumes with 49.5 million shares, followed by BYCO (47.1 million) and UNITY (16.1 million).

    Sectors contributing to the performance include Banks (-40 points), Chemical (+19 points), Refinery (+12 points), Autos (+12 points), Fertilizer (+12 points) and Inv Banks (+11 points).

    Volumes increased from 365.7 million shares to 376.4 million shares (+3 per cent DoD). Average traded value declined slightly by 0.4 per cent to reach US$ 75.7 million as against US$ 75.8 million.

    Stocks that contributed significantly to the volumes include WTL, BYCO, UNITY, FFBL and HUMNL, which formed 36 per cent of total volumes.

    Stocks that contributed positively to the index include THALL (+13 points), EFERT (+12 points), LUCK (+11 points), DAWH (+9 points) and ICI (+8 points). Stocks that contributed negatively include HBL (-32 points), UBL (-9 points), HCAR (-9 points), ANL (-6 points) and PSMC (-5 points).

  • Rupee ends firmer against dollar

    Rupee ends firmer against dollar

    KARACHI: The Pak Rupee ended firmer against the dollar on Thursday owing to better inflows to meet demand for import payments.

    The rupee ended at Rs161.89 to the dollar from previous day’s closing of Rs161.90 in the interbank foreign exchange market.

    Currency experts said that the market had seen dollar demand for import payments. However, supply of the foreign currency was sufficient to meet the demand.